Kerala State Education Loan Scheme (Repayment, Subsidy) Apply Online @ elrs.kerala.gov.in

Kerala State Education Loan: This is the new scheme, which was launched by the state government of Kerala to help students. The scheme is for the low-income group. Through this scheme, the student can take loans for their higher education. Under this scheme, the student can repay their loan after completing their education.

The Kerala State Education Loan is only for those students, who belong to Kerala state. Interested candidates can apply for the scheme for their education through the official website of Financial Department Kerala.  Searching for more information about the State Education Loan Kerala, check this article.

Kerala State Education Loan

The new Kerala State Education Loan scheme was launched on 5th August 2017 by the Government of Kerala State. Through this scheme, the candidate can easily apply for the study loan without any mortgage. The state government specially launches this scheme because the students were facing many problems while taking study loans. To help them, the state government has designed this loan scheme.

The Kerala State Education Loan scheme was released by the Kerala Educational Minister C. Ravindranathin Kottayam. The scheme is very much useful for financially lower-class families. That is who is unable to repay the educational loan and faced penalties. Now the state government has set Rs. 900 crore as the budget to support the low background students.

Kerala State Education Loan
Kerala State Education Loan Scheme

Kerala State Education Loan Repayment & Subsidy Scheme

In this Kerala State Education Loan scheme, the student and the family repay the loan after education. According to the annual income of the family, the loan amount will decide. Like, when the family’s income is less than Rs. 6 Lakhs and the educational loan is Rs. 9 Lakh, then the state government will repay the loan amount up to 60%. Hence, the loan borrowers need to refund the rest 40% amount. If the candidate crossed the time limit for repaying the loan amount, the bank would charge the penalty. The penalty amount depends upon the banks and their interest percentage.

On 31st October 2017, the state government of Kerala launched the official website to apply for the Kerala State Education Loan. Through this online portal, the candidate can easily and quickly apply for the loan for their studies. The official name of Kerala’s aid educational loan customer is Educational Loan Repayment Support Scheme, according to the Finance Minister. The big opportunity applies to the defaulters, who a currently divided as NPA and candidate who pays EMls timely. So, the state government of Kerala has taken the necessary steps to recover the revenue and court case against the defaulters.

Kerala State Education Loan Details

The Kerala State Education Loan scheme has launched to give financial support to the student for their study. The government provides financial support for only four years. After four years, the candidate has to repay the loan amount to their respective banks. For study loan, the eligible student has to apply for the Kerala State Education Loan scheme through its official website. When the application form gets selected, the amounts will directly transfer to the candidate’s account. After four years when the education completed, the candidate has to repay the loan amount through the respective bank.

Kerala Government always supports financially unstable students for their education. In the state, the Government has launched many schemes for the development of the students like KSWCFC Vidya Samunnathi Scholarship, Vidyadhan Scholarship Program, and more. One of the schemes is Kerala State Education Loan scheme. If the candidate wants to search for the details about the scheme, then you check the below table.

Scheme NameKerala State Education Loan
StateKerala
Launched ByFinance Minister C. Ravindranathin Kottayam
Announced Date5th August 2017
Website Launched31st October 2017
AimGive Study Loan to the Students
Official Websiteelrs.kerala.gov.in

Kerala State Education Loan Benefits

The new Kerala State Education Loan helps the students in so many ways. Through the scheme, the eligible candidate can apply for the loan for their carrier. The Finance Department of Kerala decides the loan amount. According to the annual income of the parents, the loan amount agreed to the students. Here we have shared some benefits about the Kerala State Education Loan.

  1. Through the Kerala State Education Loan scheme, the candidate can repay their loan amount after the course completion.
  2. In the low-interest rate, the candidate can apply for the study loan.
  3. The State Government supports financially to the students for Four years.
  4. 60% of the loan amount will repay by the State government. And rest 40% amount will refund by the borrower.

State Education Loan Amount, Kerala

The Financial Department, Kerala has categorized the loan repayment account under the Kerala State Education Loan scheme. There is a total of three categories of accounts present. Let’s discuss the four categories, repayment account details.

Category 1: This category provides Rs. 9 lakh sanction limits. The borrower expects to repay the loan amount within four years. The candidate gets the study loan according to the norms of RBI. The student from this category should maintain a standard account they are looking forward to getting benefits under the plan.

Category 2: The second category student has a sanctioned limit of Rs. 4 Lakh.  The loan amount has to be Non-Performing Asset (NPA). Also, these category students will get the loan according to the RBI norms. The candidate can also make default amount repayment timely even make a single time payment to settle the loan amount for the scheme. Some students will get the loan amount of Rs. 4 Lakh to Rs. 9 lakh according to the RBI norms.

Category 3: The third category loan account is for the mentally and physically disabled students, who are suffering from more than 80% disability. Those students can apply for the Kerala State Education Loan through the official website.

Kerala Student Education Loan Eligibility

The student has to clear the eligibility conditions to apply the Kerala Education Loan for their studies. The Finance Department of Kerala sets the eligibility conditions. Only those candidates, who satisfy the requirements, they can apply for the Kerala State Education Loan. To help the interested candidates, here we have shared the eligibilities.

  1. The candidate should be the residence of Kerala state. Other state candidates can’t apply for the Kerala State Education Loan scheme.
  2. The given details of the candidate must match with the bank account details of the candidate.
  3. The loan amount will sanction when the bank approved by the state government.
  4. If the student registered under NRI, the scheme does not apply to them.
  5. Any student, who took admissions under management quota, they can apply for the scheme.
  6. The student can’t apply for the scheme, who wants to study in abroad.
  7. The yearly income must be less than Rs. 9 Lakh. And for the disabled students it is Rs. 4 lakh.

 Documents Required for Education Loan Scheme, Kerala

The student has to submit some legal documents along with the application form. The documents are;

  1. Residence Proof
  2. Government ID proof
  3. All educational Certificate
  4. Candidate’s Aadhaar card copy
  5. PAN Number
  6. A copy of Eligibility Certificate
  7. Physically Handicapped Certificate
  8. Course Completion Certificate
  9. Income Certificate
  10. Candidate’ scanned photocopy and signature
  11. Bank Account Details

How To get Kerala State Education Loan Application Form

The interested candidate can get their Kerala Education Loan application form from the official website. They have to download the application form and fill up it. To collect the application form, here we have shared the steps.

State Education Loan Scheme
Kerala State Education Loan Official Website
  • Open the official site of Financial Department Kerala
  • Select the Registration Form
  • Click on Download/ Print

How to Register the Kerala State Education Loan Scheme?

The candidate can also register for the Kerala State Education Loan online. To complete the registration process, follow the below instructions.

  • Visit the official website
  • Click on Registration
  • Fill the registration form with new user id and password
  • Submit the personal documents
  • Click on Submit
  • Now the candidate will get the username and password
  • The registration process completes

How To Apply For Kerala State Education Loan Online?

When the registration process is complete, now the student can apply for the Kerala State Education Loan.

  • After receiving the username and password, go back to the Homepage
  • Click on Sign in
  • Enter the Username and Password
  • Click on Online Apply
  • Now the application form will display
  • Fill the application form with correct details
  • Submit the documents
  • Click on Submit

How To Apply for Kerala State Education Loan Offline

The candidate can apply for the Education Loan Scheme, Kerala through offline. Sometimes the website speed is slow to submit the application form on the site. In that case, the candidate can submit the application form in another way that is through offline. For offline form submission, you can check the below steps.

  • Download the application form from the website
  • Fill the application paper correctly
  • Attach all documents along with the application form
  • Submit the Application form in your respective University/ college.

State Education Loan Kerala Contact Details

  1. Kerala State Education Loan Phone Number – 04712517187
  2. Kerala Student Education Loan Email Id[email protected]

About State Education Loan Scheme Kerala

What is the application fee for the State Education Loan Kerala?

There is no application fee for the State Educational Loan form. The candidate can download the application form freely and submit it without giving any application fee.

Is the Kerala State Education Loan scheme is useful for students?

Yes, for those students, who are not able to pay the course fee, they can apply for this study loan and can complete their course.

What is the period of the State Education Loan Kerala?

The time of the loan is four years. The candidate has to repay the loan within four years. If they delay, then they have to pay the penalty.

What is Kerala State Education Loan scheme?

The scheme is nothing but a study loan scheme. The state government has launched this scheme to help the students. Through this scheme, the Kerala Government provides loan for the students to complete their education.

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